ECR Minerals reports new enthusiasm for Argentina

Precious metals exploration and development company ECR Minerals updated the market on Wednesday, following the visit by the company to Argentina to discuss the status and plans in respect of its existing interests, and also to consider potential new opportunities in Argentina that may complement existing interests.

The AIM-traded firm had previously outlined its latest position in respect of Argentinian operations in its full-year report on 29 March.

Then, despite having established a next-stage exploration programme for the Sierra de las Minas gold prospective licences, reflecting the need to conserve cash resources and to consider various corporate developments in the area of the company’s operations, ECR decided to watch developments and conserve resources for a period.

During the visit to Argentina a full review of the SLM project licences was undertaken, including relevant liaison with the Ministry of Mining in La Rioja province.

“We are pleased with the outcome of this review and the opportunities we have identified for exploration of potentially high-grade gold mineralisation,” ECR’s board said in its statement.

“With the company’s enhanced financial strength we have now re-started our work and further information will follow with regard to the specific work programme we intend to implement.”

Of particular interest during the company’s visit, the board sadi it identified additional licence areas that could complement the existing gold prospective ground, adding that it would provide further updates “in due course” if there were any developments in the area.

Furthermore, it said that during a review of additional, non-gold focused projects, the company identified a number of completely new opportunities, including a lithium and poly-metallic high impact exploration opportunity.

“Following the company’s recent fundraise the business, as previously highlighted, is in a robust financial position,” said chief executive officer Craig Brown.

“With our significant cash at bank and with core costs covered into late 2019 we have been able to look with fresh eyes at all the company’s interests in order to advance existing projects and also seek new additional complementary opportunities.”

Brown said the firm’s main driving force of late had been Australian exploration, and he said that would continue with the directors currently in Perth to review progress in its existing Victoria interests, to undertake due diligence in respect of the recently-announced Iceberg gold project and to review a number of new and potential opportunities.

“ECR has a long history of working in South America and particularly Argentina.

“We visited Argentina last week and held various meetings and discussions.

“Our engagement with the Department of Mining was particularly productive and we were highly encouraged by their professionalism and support for our investment in La Rioja province. In addition during our visit we were extremely pleased with the opportunities presented to expand our existing interests in gold and also lithium.”

Brown said the board had decided to become more proactive in Argentina, and was now pursuing a number of initiatives upon which it would report to market if they were to progress.

“We look forward to updating shareholders on our progress in due course.”